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Bumpy Week Ahead For Mortgage Rates

November 9, 2010

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term – LOCK if less than 7 days out from closing, but if between 7 and 15 days FLOATING makes sense, but remember that pigs get fat and hogs get slaughtered. If you are too greedy, it may cost you.

Long-term – FLOAT

The week ahead for economic data that can affect mortgage interest rates

Tuesday

  • September Wholesale Inventories
  • $25 B 10 Year Treasury Auction

Wednesday

  • MBA Mortgage Applications Report
  • Weekly Jobless Claims
  • $16 B 30 Year Treasury Auction

Friday

  • University of Michigan Mid Month Consumer Sentiment
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